Revenue sued for £300m over ‘illegal’ tax on shares

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PricewaterhouseCoopers has begun a £300 million lawsuit against Revenue and
Customs on behalf of a group of British companies that claim they were
unlawfully taxed on foreign share transactions.

The Big Four accountant’s legal division was granted a group litigation order
by the High Court yesterday on behalf of 17 listed companies that are
seeking to recover stamp duty reserve tax (SDRT).

The case applies mostly to companies that issued shares to foreign
shareholders in cross-border takeovers, but also affects initial public
offerings and capital raisings in overseas markets, particularly the US.